For most solos and small firm attorneys, retiring or stepping away from the practice is like mortality. Most will avoid thinking about it until it is shoved into their faces. For some, the “shove” is a serious illness. For others, it’s a crisis in the practice—the loss of a long-time pillar of the practice or a major client, or perhaps an economic downturn (like the present one) that damages revenues. Something happens, and these lawyers decide it’s time to step out. Unfortunately, by this time it’s usually too late. The attorney is likely to lose hundreds of thousands of dollars in potential value from the sale of the practice, or even discover that no one can be attracted to buy it or take it over. And the lawyer simply has to close the doors and walk away. Read More
